CBN says cash deposit of foreign currency into Domiciliary account is allowed.

The Central Bank Of Nigeria say Bank customers willing to deposit foreign currency in nigerian banks can do so freely without restrictions on such transaction.

CBN says the apex Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.

The Bank’s Director, Corporate Communications Department, Issac Okorafor further explained that Only electronic fund transfers into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.

Okorafor therefore urged key players and other interested parties to always endeavour to seek clarification on issues and avoid speculative tendencies which are detrimental to the financial system.


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